What is cryptocurrency? - ProProfs Discuss
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What is cryptocurrency?

Asked by R.Roanre, Last updated: Apr 19, 2024

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Kenneth Henry

Kenneth Henry

Working as a private banker and financier.

Kenneth Henry
Kenneth Henry, Financier, Finance, Abu Dhabi

Answered Sep 03, 2019

According to wiki: A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

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D. Gray

D. Gray

D. Gray
D. Gray

Answered May 10, 2018

Cryptocurrencies are digital assets intended to fill in as a medium of trade that utilizations cryptography to secure its exchanges, to control the production of extra units, and to check the exchange of assets. Cryptographic forms of money are a sort of digital monetary forms, elective monetary standards and virtual monetary forms.

Cryptocurrencies make use of decentralized power rather than general and centralized electronic cash and focal managing an account systems. The decentralized control of every digital currency works through a blockchain, which is an open exchange database, working as a distributed ledger.

Decentralized cryptos are delivered by the whole cryptographic money system continually, at a rate which is characterized when the system is made and which is freely known.

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